The payment giant PayPal announced today the launch of a USD denominated stablecoin called PayPal USD (PYUSD). The stablecoin is 100% backed by U.S. dollar deposits, short-term U.S Treasuries.
The company also announced it will start rolling out the stablecoin to eligible US Paypal customers and they will be able to:
- Send person-to-person payments using PYUSD
- Fund purchases with PYUSD by selecting it at checkout2
- Convert supported cryptocurrencies to and from PYUSD
- Transfer between PayPal and Compatible external wallets.
PYUSD is an ERC-20 token (contract) issued by Paxos Trust on the Ethereum Blockchain.
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